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First official projection says at least 61% of Greeks voted ‘no’ in referendum

ATHENS—A first official projection of Greece’s referendum outcome, based on early counting, said that at least 61% of Greeks voted “no” to creditors’ demands on Sunday, an outcome that—if confirmed—would set the country on a collision course with the rest of the eurozone.

The projection, announced by the company Singular Logic, the official partner of Greece’s interior ministry in carrying out the referendum, was announced after some 20% of the vote had been counted.

“The estimate from Singular Logic is that the result in favor of ‘no’ will exceed 61%,” a spokesman for the organizing company said.

The official projection, if confirmed when all votes are counted, points to a heavier-than-expected victory for the “no” campaign against the austerity policies demanded by Greece’s creditors: the rest of the eurozone and the International Monetary Fund.

Four opinion polls conducted during Sunday by private broadcasters had pointed to a narrow majority for the “no” camp.

The projected outcome would strengthen the domestic standing of Greek Prime Minister Alexis Tsipras, who campaigned vehemently for Greeks to reject lenders’ terms for further bailout funding.

But Tsipras might soon find it difficult to deliver on his promise to secure a more lenient bailout deal from Europe, where other governments, led by Germany, are in no mood to offer Greece more generous terms.

Greece faces a race to secure financing before a major bond held by the European Central Bank falls due on July 20. Default could precipitate an escalation of Greece’s already severe financial and economic paralysis.

http://www.marketwatch.com/story/fi...greeks-voted-no-in-referendum-2015-07-05

Looks as if they want their cake and to eat it too.

They have a long standing communist segment, even greater than Italy, who might follow Greece, along with Portugal, and maybe Spain.

and barely a whisper about the Chinese stock market. 30% drop in the past 3 weeks equates to roughly a 2.4 trillion dollar loss.

Broke a lot rice bowls with that.

China's retail bubble is deflating.

I doubt the rest will follow. Their balance sheets are significantly better then they were 5 years ago.

Good for the Greek people! Of course now they may have to face the consequences of their decision and I would love this to be a nail in the coffin of the Euro...

If I owned a tramp steamer it would be stacked to the gunwhales with toilet paper and on a flank bell for Piraeus...unless Venezuela was closer.

Good read on the situation in Greece:

http://www.truth-out.org/news/item/...ce-has-fallen-victim-to-economic-hit-men

can these folks really be this stupid?

Bottom line is, with the Greeks retiring at 45-50 years of age, their productivity does not equal there consumption. This vote was more about the retirement age as anything. From here there Greeks will start inflating, and perhaps hyper inflationary rates. This will reach a point where the retirees cannot survive on their benefits, and have to go back to work.

All this accomplished is an inflationary redistribution of wealth until their middle aged have to go back to work.

Never let a good crisis go by. A few get rich and plain everyday folks get soaked for billions. Kinda like our own "too big to fail".
kwg

China imo is a ticking time bomb.

It's a difficult market to trade, other wise I would already be short it.

if it turns out that Greece doesn't have to repay their debt, that'd be a good precedent for us?

I mean, we could say something like, "well, Greece didn't repay their debt, so why should we?"

get it?

Bristoe, are you really a Commie at heart?

that must be it

well, Bernie Sanders is running as a independent socialist, Hillary in my mind is running as a democratic socialist.

the rino's are running as a part of the demo lite coalition.

only Dr. Paul, Ted Cruz, and Donald Trump are running as some variety of conservative.

well, there's a few others waiting in the wings, but we'll have to wait to see where they throw-down.

So Gus,

Do you think there would be any consequences for the US defaulting on our debt payments?